Trader’s Way Review
Founded in 2011, Trader’s Way is an online trading broker that provides clients across the globe access to trade a range of markets including Forex, Commodities, Cryptocurrency, Metals, Energies & CFDs.
Trader’s Way offer a range of different trading platforms including the popular MT4 & MT5 platforms. Account types are flexible to suit individual trader needs and levels of skill. The mobile apps and web trading platforms make trading on the go possible. There are a range of tools to assist with market analysis and to increase trading efficiency.
Trader’s Way use an electronic communication network (ECN) model which ensures transparent pricing direct from liquidity providers (LPs), interbank market access, good execution speeds and the tightest spreads possible. There is no dealing desk to ensure no conflict of interest between broker and clients.
The minimum deposit starts from just $5 with flexible leverage of up to 1:1000 available. Variable spreads start from just 0 pips with competitive commissions or you can opt for a fixed spread account with spreads starting from 2 pips and no commission charged.
There are no restrictions on trading, whatever your initial deposit or account type, scalping, hedging and expert advisors are allowed. There are multiple funding options and swap free Islamic accounts that comply with Sharia law are available.
The Trader’s Way philosophy is to offer clients maximum opportunities and freedom through trading. This is achieved by the trading technologies and services provided to all clients. Regardless of experience or account size, each client is treated with the upmost respect.
Pros / Cons
- Fixed spread accounts
- Commission free accounts
- Electronic communication network (ECN)
- Free VPS
- QuickDeal Tool
- FxWire Pro Newsfeed
- No regulation
- No US clients
- No UK clients
- Limited non-FX instruments
Trader’s Way Regulation
Trader’s Way is an unregulated offshore broker that is legally registered in Dominica and registered under the name TW Corp.
Trader’s Way claim to keep client funds in banks segregated from their own funds. This means that client funds should not be used for any other purpose and must be available for withdrawal at any time. Cash flows are organized in a way that ensures company expenditure cannot be processed from accounts that are holding clients money. Larger ECN account funds are partially kept with liquidity providers so withdrawal time may be longer according to the safety of funds statement on the website.
Trader’s Way implement strict internal policies and procedures to ensure they maintain high business standards. Strict AML & KYC policies are in place to combat against money laundering and inappropriate usage of funds. They also comply with the highest standard of security in relation to finance handling and technology. There is a risk management policy in place based on years of market experience and knowledge. By providing maximum transparency and security they aim to build long lasting relationships with clients, despite the lack of regulation from a government authority.
Trader’s Way Countries
Trader’s Way accept clients from all over the world, excluding some countries where restrictions apply such as the United Kingdom & United States.
Trader’s Way Trading Platforms
Trader’s Way have a good selection of trading platforms to suit all levels of trader skills and expertise. They have the hugely popular MetaTrader, the powerful and advanced cTrader platform as well as mobile and web platforms.
There is also the QuickDeal tool which brings market depth level 2 pricing and one-click trading to MetaTrader. This tool along with the STP/ECN trading engine transforms the standard MetaTrader into a more advanced STP/ECN trading platform.
MetaTrader 4 (MT4)
MT4 is the most widely used trading platform and is offered by Trader’s Way with direct interbank market access (DMA). It is very user friendly with an intuitive interface and ton of features for a fully customisable trading environment.
There are 50 built in technical indicators for chart analysis, drawing objects, 9 timeframes, multiple order types, alerts, real-time price quotes in the market watch and a MetaEditor for creating your own custom indicators or automated strategies in the MQL4 programming language. There is also a strategy tester for back testing expert advisors (EAs) over historical data which can be downloaded from the MT4 server from within the platform.
Information exchanged between the MT4 terminal and servers is protected by a 128-bit key for safety of trading transactions.
MT4 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
MetaTrader 5 (MT5)
MT5 is the successor to MT4 and next generation of trading terminal. The interface is very similar to MT4 although there are a few added features such as more order/execution types, 21 timeframes, 80 technical indicators and a strategy tester capable of back testing multiple currencies.
The implemented financial news and economic calendar can be used to keep up to date with the latest market happenings and for fundamental analysis. The Depth of Market (DOM) displays bids and asks for a particular instrument at the best prices (closest to the market) at the moment. The DOM window also shows the volume of each order.
MT5 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).
MetaTrader Web Terminal
The MetaTrader web terminal has the same functionality and interface as the desktop platforms without needing to install or run any software. You simply launch the platform within your browser. Any transmitted information is securely encrypted.
MetaTrader Mobile Platform
The MetaTrader mobile apps allow you to access and manage your trading account on the go from any portable device such as a mobile phone or tablet. This is useful if you want to keep up to date with the markets and your positions but do not have access to your desktop computer. You can use the mobile platforms from anywhere in the world with an internet connection. Mobile platforms are available for download on both Android and iOS.
cTrader is another user-friendly platform that is full of features and designed for ECN/STP trading. It makes the advantages that the institutional traders have available to retail traders including superior execution speeds (milliseconds) and level 2 pricing.
Trades are routed through ECNs direct to liquidity providers such as global banks, thus giving a transparent live trading environment with no broker dealing desk to interfere and a level playing field.
cTrader supports manual trading with advanced charting capabilities and one click functionality. There are multiple indicators for technical analysis, multiple timeframes, detachable charts, templates and more. Fully automated trading is also possible via the cAlgo proprietary algorithmic platform.
cTrader’s depth of market shows the full range of executable prices coming from liquidity providers. Orders are executed against the full order book using Volume Weighted Average Price (VWAP).
cTrader Web Terminal
cTrader web terminal has the same features as the desktop platform without the need for installing or running any additional software. You can trade from any computer with an internet connection and gain access to transparent pricing, fast speeds, and all the features of cTrader directly in your browser.
The cTrader mobile applications are available on Android and iOS so that you can trade whilst on the go using any compatible mobile device. The core functionality of cTrader remains. You simply install the cTrader mobile app and log in with your Trader’s Way account number and password.
Trader’s Way Trading Tools
Trader’s Way have a variety of trading tools that can be used to improve trading efficiency, market analysis and for trading signals.
The QuickDeal tool is an addon for MT4 & MT5 that enables market depth level 2 pricing and one-click trading in the platforms. Market depth gives you a more detailed insight into the market to help with trading decisions whereas one-click trading allows you to quickly and conveniently place, manage and close trades.
The cMirror application allows you to copy (mirror) the trades of other signal providers or offer your own signals. Providers charge a commission for using their signal service. Signals are opened and closed fully automated whilst you can set your own customised risk management settings and stop the mirroring process at any time. Signal providers trading history and current positions are available to view to see if they are a suitable option. It must be noted that past performance is by no means any guarantee of future performance.
MetaTrader Trading Signals
The MetaTrader platforms have a built-in social trading service where you can copy other traders signals directly into your terminal for free or a monthly fee. You can browse the signal providers and review their performance then choose to subscribe to any signals that appeal to you. You may also offer your own signals. Again, historical performance is absolutely no guarantee of future performance.
VPS Hosting Service
Trader’s Way offer eligible clients a high-quality virtual private server (VPS) with a 24/7 connection. To qualify for a free VPS, you will need a minimum deposit of at least $1,000, minimum 5 trades and 10 lots in volume monthly. If you get the VPS but do not meet the minimum requirements you may be charged the monthly cost.
A VPS enables you to always run your trading platform without needing your computer switch on and can be accessed remotely. This is often seen as a solution for those who wish to run expert advisors (EA) around the clock.
The VPS’s are hosted in close proximity to Trader’s Way’s main server, for maximum uptime whatever your own internet connection. VPS’s come with MetaTrader preinstalled and are capable of running several trading terminals simultaneously.
FxWire Pro Newsfeed
FxWire Pro by IBTimes is a professional grade real-time financial market newsfeed that is integrated into Trader’s Way MetaTrader platforms. It provides traders with a comprehensive overview and insight of global markets which can be used for fundamental analysis.
IBTimes is a global network of journalists from over 13 countries that convey the most important markets news in an easy to digest format, saving time reading through multiple news releases from various sources. 600 items of news are covered every day with alerts for economic releases, round the clock news covering all market trading hours, reviews of daily events and overview of upcoming events.
Trader’s Way have an integrated economic calendar on their website that is provided by MetaQuotes, the Russian developer of MetaTrader. This calendar displays recent and upcoming news releases, the markets impacted along with the forecasted and actual results. This calendar can be useful to stay in the loop with the latest market news and for fundamental analysis.
Trader’s Way Education
Trader’s way have sections scattered sporadically across their website that cover some of the basic trading principles that would be useful to novice traders. Other than that, educational material in terms of video tutorials and trading guides are limited although they do provide weekly market outlooks and webinars that can help improve understanding of the financial markets.
This section of the Trader’s Way website has weekly market outlooks that cover technical and fundamental analysis in detail. These can be used to inspire trading ideas.
Trader’s Way provide clients free live webinars that can help improve trading knowledge and skills. They are conducted by veteran market expert and Chief FX Strategist for TradersWay, Wayne McDonell who has over 10 years of experience and shares his market outlook. Topics include fundamental/technical analysis, market sentiment, support/resistance, trading strategies, Q&A and more. Previous webinars are available to watch on the TradersWay YouTube channel.
Trader’s Way Trading Instruments
Trader’s Way offer 3 main markets, Forex, Precious Metals & Energies. All markets can be traded on all platforms and accounts.
The foreign exchange (forex) market is the biggest and the most liquid market in the world with an average daily trading volume of around $4 trillion. Currencies are exchanged for another at a specific rate with fluctuating global demand and supply determining the rates.
Trader’s Way offer 45+ major, minor and exotic FX currency pairs for trading on fixed or floating spread accounts. Minimum transaction value is 0.01 lots and leverage up to 1:1000 is available. The ECN accounts give direct access to interbank liquidity with spreads from 0 pips and competitive commission fees. The more volume you trade, the more you can negotiate a lower commission.
Often regarded as safe havens and used for diversifying a portfolio, gold and silver can be traded as CFDs (Contract for differences) without needing to own the physical underlying asset. Profit or loss is determined by the change in the value of the asset.
Constantly changing gas and oil prices make these popular instruments to trade. Trader’s Way offer CFD trading on crude light oil and natural gas.
Cryptocurrency is a decentralized digital currency based on complex mathematical algorithms. Cryptos based on Bitcoin can be traded on the Trader’s Way MT4 Crypto account.
Trader’s Way Trading Accounts & Fees
Trader’s Way have several account types available with different trading conditions. There are 5 accounts available with variable and fixed spreads, with or without commission, standard and ECN, and different platforms. There are no restrictions on trades for all account types. Islamic swap free accounts are available upon request. Demo accounts are also available if you wish to test the different trading platforms and conditions before opening a real account.
This is a standard MT4 account with fixed spreads starting from 2 pips and no commission charged. It was designed for traders who prefer to know the spread they will pay on each trading instrument. There is no minimum deposit required, minimum lot size is 0.01 and flexible leverage of up to 1:1000 on currency pairs. Maximum leverage on non-FX instruments is 1/2 of your leverage for metals and 1/8 of your leverage for other instruments.
This account type is similar to the standard but has variable spreads starting from 0.7 pips. This is more for traders who prefer real market conditions and want to step into an ECN/STP environment without paying any commission on trades.
This account offers true ECN trading with direct access to interbank liquidity on the MT4 platform. Spreads on this account are as tight as possible starting from just 0 pips. There is a very competitive commission charge of $3 with a minimum deposit requirement of $100. Minimum lot size is 0.01 and flexible leverage of up to 1:1000 on currency pairs. Maximum leverage on non-FX instruments is 1/2 of your leverage for metals and 1/8 of your leverage for other instruments.
This account provides the same conditions as the MT4 ECN account with the MT5 platform instead.
This is an ECN account for using the intuitive and convenient cTrader platform designed especially for ECN trading. The minimum deposit is slightly lower at $50 as is the leverage going up to 1:500 rather than 1:1000 as per the other accounts. Leverage is also lower on metals and energies.
As the name suggests, this account gives you access to trade cryptocurrencies with leverage and via the MT4 platform. Minimum lot size is 0.01 with 1:2 maximum leverage.
Trader’s Way Customer Service
Customer support is provided via online chat, telephone and email. There is a US telephone number and they state that they aim to answer support requests within 24 hours on working days.
Trader’s Way Deposit & Withdrawal
Trader’s Way provide clients with a variety of deposit and withdrawal methods, frequently introducing new payment options to improve the service. They offer bank transfers, credit cards, online payment processors such as Skrill & Neteller, Cryptocurrencies (Bitcoin, Litecoin & Ether) and more.
You can make a transaction by logging into your private client area, choosing your preferred payment option and following the instructions. Support can be reached if you have any questions regarding deposits or withdrawals.
Some fees may be charged when using certain payment methods. Bank transfers may take a few business days to clear whilst some methods such as card payments can be instant.
Accounts can be opened in USD, EUR, CAD, GBP. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Trader’s Way Account Opening
There is a short online form to complete in order to apply for a Trader’s Way account. Once done, you will need to verify your email and submit documents for KYC checks. These can be passport and utility bill scans for proof of identification and residential address. Once the accounts department have verified your account, you will be able to fund it and commence trading.
Trader’s Way Conclusion
Whilst Trader’s Way do have flexible account options and solid trading platforms, the lack of regulation is likely to deter a vast array of traders. Furthermore, there is limited non-FX trading instruments.
Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.